US crude futures rise $7.27/bbl on eurozone optimism

29 June 2012 20:55[Source: ICIS news]

HOUSTON (ICIS)--West Texas Intermediate (WTI) for August delivery rose by $7.27/bbl on Friday settling at $84.96/bbl, as European leaders agreed on a deal to cut Spanish and Italian borrowing costs and maintain a single currency.

The move boosted sentiment on the last trading day of the quarter in one of the worst years for oil.

The increase represents the largest one-day percentage gain for the front month in 2012. The gains caused WTI to close the week up by 6.5% from the close on 22 June.

August Brent crude closed the day at $97.80/bbl, up $6.44, largely on the same eurozone optimism.